With upbeat retail sales data limiting the desire to cash in on the recent strength in the markets, stocks showed a lack of direction over the course of the trading day on Monday after moving modestly lower in early trading.
Despite the lackluster performance by the broader markets, significant weakness was visible among gold stocks. Reflecting the weakness in the gold sector, the NYSE Arca Gold Bugs Index tumbled by 2.6 percent.
The losses by gold stocks came amid a modest decrease by the price of the precious metal, with gold for June delivery dipping $2.30 to $1,434.30 an ounce.
Steel and airline stocks also came under pressure on the day, dragging the NYSE Arca Steel Index and the NYSE Arca Airline Index down by 1.3 percent and 1.2 percent, respectively.
Meanwhile, biotechnology stocks showed a strong move to the upside on the day, resulting in a 1.4 percent gain by the NYSE Arca Biotechnology Index. With the gain, the index reached a new record closing high.
The major averages eventually ended the day mixed, with the Dow posting a modest loss. While the Dow dipped 26.81 points or 0.2 percent to 15,091.68, the Nasdaq edged up 2.21 points or 0.1 percent to 3,438.79 and the S&P 500 inched up 0.07 points or less than a tenth of a percent to 1,633.77.
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